Explain the order of assets and liabilities in the balance sheet under U.S. GAAP and IFRS
Under U.S. GAAP, assets and liabilities appear in order of decreasing closeness-to-cash; many firms that report under IFRS reverse this ordering.
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To forestall means to discuss objections as soon as they are raised.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
SFAC No. 5 makes clear that the concepts discussed in the conceptual framework apply to other means of disclosure in addition to financial statements.
Both Lemon Light, Inc, and Orange Mist Corporation are soft drink distributors in Capital City
The soft drink business is highly competitive, profit margins are razor thin, and both companies are on the brink of bankruptcy. To save themselves, they agree to not sell soft drinks at a price below $3 per six-pack. This is a fair price; it allows both of them to make a fair profit; and the customers still get a relatively inexpensive drink. This action by Lemon Light and Orange Mist is: A) Legal, because they set a fair price. B) Legal, because they did not set an absolute price, but only set a minimum price. C) Legal, because they were on the brink of bankruptcy. D) Illegal, because it is vertical price fixing. E) Illegal, because it is horizontal price fixing.
Which of the following workers would not be covered by the FMLA:
a. a key employee who is among the 10 percent highest paid b. an employee who had only been employed for 6 months c. an employee who had worked fewer than 1,250 hours in the past year d. an employee who had not worked at all for at least a year e. all of the other specific choices are correct